Associated Broad Campden Cars Limited - Period Ending 2019-04-05

Registration number: 09434343

Prepared for the registrar

Associated Broad Campden Cars Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2019

Associated Broad Campden Cars Limited

(Registration number: 09434343)
Balance Sheet as at 5 April 2019

	Note	5 April 2019 £	5 April 2018 £
Fixed assets
Tangible assets	4	14,881	28,215
Current assets
Debtors	5	32,470	30,089
Cash at bank and in hand		5,946	12,784
		38,416	42,873
Creditors: Amounts falling due within one year	6	(42,744)	(57,326)
Net current liabilities		(4,328)	(14,453)
Net assets		10,553	13,762
Capital and reserves
Called up share capital		100	100
Profit and loss account		10,453	13,662
Total equity		10,553	13,762

For the financial year ending 5 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 6 November 2019
 

Mrs N Smith
Director

The notes on pages 2 to 5 form an integral part of these financial statements.
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Associated Broad Campden Cars Limited

Notes to the Financial Statements for the Year Ended 5 April 2019

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% of written down value
Leasehold improvements	Over three years

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Associated Broad Campden Cars Limited

Notes to the Financial Statements for the Year Ended 5 April 2019

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Hire purchase

Assets held under hire purchase are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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Associated Broad Campden Cars Limited

Notes to the Financial Statements for the Year Ended 5 April 2019

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

	Year ended 5 April 2019 No.	Year ended 5 April 2018 No.
Average number of employees	1	1

4

Tangible assets

	Leasehold improvements  £	Motor vehicles  £	Total £
Cost
At 6 April 2018	3,566	60,400	63,966
Additions	-	840	840
Disposals	-	(20,000)	(20,000)
At 5 April 2019	3,566	41,240	44,806
Depreciation
At 6 April 2018	1,981	33,770	35,751
Charge for the year	1,189	4,548	5,737
Eliminated on disposal	-	(11,563)	(11,563)
At 5 April 2019	3,170	26,755	29,925
Carrying amount
At 5 April 2019	396	14,485	14,881
At 5 April 2018	1,585	26,630	28,215

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Associated Broad Campden Cars Limited

Notes to the Financial Statements for the Year Ended 5 April 2019

5

Debtors

	5 April 2019 £	5 April 2018 £
Trade debtors	19,090	24,652
Other debtors	13,019	5,079
Prepayments	361	358
	32,470	30,089

6

Creditors

Creditors: amounts falling due within one year

	Note	5 April 2019 £	5 April 2018 £
Due within one year
Loans and borrowings	7	30,449	38,981
Trade creditors		840	341
Social security and other taxes		8,735	10,423
Accrued expenses		2,001	2,001
Corporation tax liability		719	5,580
		42,744	57,326

7

Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Directors' loan accounts	30,449	38,981

8

Financial commitments

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £5,017 (2018 - £9,317).

9

Related party transactions

At 5 April 2019 the company owed Mrs N Smith £30,449 (2018 - £17,955) and Mr P R Rawlings (Deceased) £nil (2018 - £21,026) in the form of directors' loan accounts. These loans are unsecured, repayable on demand and no interest is payable.

Transactions with other related parties

Within other debtors is £12,661 (2018 - £4,720) owed from Rawlings Transport Limited. The loan is unsecured and interest free. The companies are related by virtue of the director, Mrs N Smith.
 

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